Baosteel reports 6.3% on-year decline in H1 net profits

Baoshan Iron & Steel Co., Ltd. (Baosteel), the listed arm of the world's largest steelmaker by capacity, China Baowu Steel Group (Baowu), saw its net profits for the first half of 2026 fall by 6.3% on year to Yuan 4.57 billion ($680 million), according to the company's latest mid-year report released on August 22.

The Shanghai-based mill mainly attributed the decline in its net profits to elevated raw material costs and weak finished steel prices, with their price spreads continuing to narrow in the first half. "In the first half of the year, the Platts 62% iron ore index averaged $107.6/tonne, up 6.9% on year. At the